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We own a condo on the beach in Florida. we owe more than we can sell it for. We might end up owing $40,000 or even more, we don't know. It's been on the market and there is no interest. We don't live there, we have a house nearby and we rent the condo as much as possible, but the rentals don't completely cover the expenses. We need to do something. Since we rent this condo and don't live there, is it considered a business? and if it is, can we file some type of business bankruptcy. Do you have any advice on what we can do. My husband works and brings home about $200 a week. I collect disability. So far any money we owe for the monthly condo payments come out of our savings. This is breaking us. Can you advise.
Thank you

adonis · Posted: Thu Feb 17, 2011 10:06 pm Post subject:

Welcome loraccap,

The condo will be considered as your investment property. It will be considered as a business. In case of short sale, you will be liable for paying off the deficient balance resulting from the sale to the lender.

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Would like to buy another home soon. However we we are approx 45K upside down. Don't know if my income and credit will let me carry teo mortgages?

jameshogg · Posted: Sun Feb 20, 2011 11:35 pm Post subject:

Hi JRB,

If you already have a mortgage in your name, you won't be able to qualify for another mortgage. The lender will want you to pay off the existing loan and sell off the property and then get a new mortgage to buy a new property.

Thanks

ki2 · Posted: Thu Feb 24, 2011 4:03 pm Post subject: rental property

Look at giving the condo back to the lender as a deed in lieu or try selling it as a short sale. If you want to buy another home must likely you will not be able to do that unless you pay cash. Lender guidelines are extremely tight right now and the only buyers out there are owner occupied with cash to put down. You can try to do a loan modification if that would make sense, if you are upside in value depending on who owns your mortgage and what are of Florida it maybe in you may luck out on a principal reduction.

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